Attorneys

Trusts and Estates

A law firm does not survive for
over a century and a half without being dedicated to the long range goals of
its clients. The individualized service of a client’s needs has always been a
hallmark of Cullen and Dykman and nowhere is this better exemplified than in
the firm’s Trusts and Estates department.

Almost since the inception of the
firm 160 years ago, our attorneys have prepared wills and other wealth transfer
documents appropriate for individuals with varying family circumstances and
levels of wealth. Our size and the extent of our presence in the metropolitan
area mean that we have the capability of servicing clients out of our
Manhattan, Brooklyn and Garden City offices.

We presently assist clients
across the spectrum, whether regarding the creation of generation-skipping
trusts for grandchildren or in qualifying for Medicaid assistance, to comply
with the frequent changes in the laws governing wealth and taxation. The fact
that Cullen and Dykman has been in practice for over a century is a testament
to the firm’s dedication to its clients and the corresponding loyalty of those
clients.

For the convenience of our
clients, we currently hold over 2,000 original wills or living trust agreements
in our vaults. In many instances we represent children, grandchildren and even
great-grandchildren of ancestors who were also clients of the firm, including
descendants of John Roebling, who designed the Brooklyn Bridge.
In many instances, clients who move away from the State of
New York expect and seek our assistance even
after their relocations.

Experience counts. Effective
counsel for your estate planning needs must possess both the technical
knowledge and the practical experience to assure your goals are achieved and that
the expense of family litigation is minimized.

Estate planning is not a once
and done process. Changing circumstances require attention to the impact such
changes may have on your goals. Here are some changes that occur that can have
an effect on your estate plan.

Changes in Family Relations:

Marriage.

Dissolution of Marriage.

Death of a spouse.

Changes regarding child, grandchild, or other beneficiary.

Birth of a child.

Death of a child.

Marriage of a child.

Adoption of a child.

Medical issues of a beneficiary.

Substance abuse issues of a beneficiary.

Financial irresponsibility of a beneficiary.

Changes in Economic Position and Employment Status:

Asset values substantially increase or decrease.

Forms of business ownership.

Change in insurability.

Change of employment.

Change in business interests.

Property recently acquired.

Change in health or health of spouse.

Retirement.

External Changes:

Changes in laws.

Change of residence out of state.

Death of executor, trustee, or guardian.

Questions you should be asking:

What happens if someone dies without a will?

Why do I need a will?

What is a bypass trust?

What taxes will the beneficiary of my life insurance policy have to pay?

Who controls my trust assets? My probate assets?

Does a living trust protect property from creditors?

Can a living trust reduce estate taxes?

What is a power of attorney and do I need one?

Do I want to avoid probate, and if I do, how do I do it?

What should I do with my house?

Is a Qualified Personal Residence Trust (QPRT) right for me?

How do I avoid my children arguing when I'm gone?

The attorneys at Cullen and Dykman can answer these questions and more.

A case in point

Poor Mr. H died in 2004, having
executed eight wills in the last six years of his life. The last will could not
be found in its original form and only a copy was discovered in Mr. H’s
effects. In such cases the law presumes that the testator revoked the will by
an act of destruction. The previous six wills were all executed without the
assistance of an attorney and all contained defects in execution that precluded
them from being admitted to probate. Instead, Mr. H’s family offered the first
of the instruments, executed in 1998, for probate. It was a complete and
properly executed document. No one in the family opposed the request to probate
the first will.

Wouldn’t it be reasonable to
imagine that the court would agree with the family’s request and admit the
first will to probate? Wrong.

The court correctly pointed to a
section of the governing statute that if after executing a will a testator
executes a later will which revokes or alters the prior one, a revocation of
the later will does not, of itself, revive the prior will or any provision
thereof. Therefore, possessing a copy of the last will, although presumably
revoked by Mr. H, was sufficient to prevent the prior instrument from being
admitted to probate. Of course, the irony here is that if there was one thing
that Mr. H demonstrated in the final six years of his life was a desire to
avoid dying intestate.